The CBI had raided various properties of Unitech managing director Sanjay Chandra in the Canara Bank fraud case. Apart from Sanjay Chandra, his brother Ajay and father Ramesh Chandra's alleged property was also raided.
A fraud of Rs 198 crore was committed with Canara Bank. Sanjay Chandra has been lodged in Tihar Jail for the last 43 months. He was recently released on bail after the Delhi High Court granted him bail.
Unitech was being investigated by three agencies, namely Delhi Police, CBI, and Enforcement Directorate. Sanjay Chandra was also named as an accused in the 2G case but the trial court acquitted him in the 2G case.
Canara Bank alleged that the bank had passed several loans on the basis of Chandra's personal and corporate guarantee. The company later defaulted on several loans due to the downturn in the real estate sector
Unitech is currently in the possession of the government and the Supreme Court has ordered a forensic examination of the company's accounting books. The audit revealed that the company had carried out fund diversion and money laundering.
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